Swipe Governance regulates how all Swipe Network protocols agree. Via our forum in the Society, we are agreed that some decisions will be taken about the new protocol called the Binance Smart Chain Cash Market, SwipeFi.
Swipe has previously stated support to a Swipe Governance Tokens (SGV) airdrop with a single case to decentralize SwipeFi and power. Yet we had mixed messages from our group shortly after this announcement. We then organized a group meeting so that we could establish feedback among all members of the organization.
We have agreed to burn and cancel the SGV airdrop after taking the feedback from our entire group, but then retain the token omics of our protocol as SXP. SXP is interoperable between the Binance and Ethereum network. Through using Binance.com or Swipe Decentralized Bridge (to be implemented soon) users who want to participate in the SwipeFi Governance can easily move ERC20 to BEP2 and vice versa, thus providing a 1-1 connection between the two chains without raising their distribution. To obtain 1 SXP on Binance Chain and vice versa a user must lock 1 SXP on Ethereum.
Users who take part in SXP received 50 percent of the reserve factor allocated among users of SXP stakeholders to promote liquidity mine under the SwipeFi protocol and earned protocol fees, which would enable them to win stake awards. Reserve Factors are a portion of security and support that the Protocol retains. Furthermore, suppliers and borrowers earn a portion of staking premiums which will be applied later in the SXP voting and governance process. Users will alter the protocol through the SXP voting and governance mechanism and likely restore SGV at a later date by consensus to decentralize the protocol.
We know this may be difficult for some people, but we make decisions that support the group for the long term. In August, there will be even more changes. At the start of our main net launch, we are running a further staking bonus contest with an exchange partner for SXP staking.